The government will spend 239 billion rubles from the National Welfare Fund – The radio station Echo of Moscow

The government will spend 239 billion rubles from the National Welfare Fund – The radio station Echo of Moscow

The money will be used to purchase shares of VTB and Russian Agricultural Bank.
 

The Cabinet will support banks that came under sanctions and lost access to long-term lending in Europe. According to the decree, which was signed by Prime Minister Dmitry Medvedev and published on the official website of the Cabinet, the Ministry of Finance and Ministry of Economic Development is permitted to invest about 239 billion rubles in the shares of the two banks: the purchase of preferred securities of VTB will be spent 214.04 billion rubles for the purchase of Agricultural Bank shares – 25 billion rubles. As noted in the document, this step is due to the fact that credit institutions must increase Tier I capital. In April, Deputy Prime Minister Arkady Dvorkovich said that to solve the problem of “bad” debts Agricultural Bank, numbering about 50 billion rubles, a separate financial decision. Earlier, the Ministry of Agriculture proposed to invest in the capital of RAB 77 billion rubles for 4 years. In early August, the media reported that RAB Gazprombank and appealed for help to the state in connection with the introduction of sanctions against them. Agricultural Bank took about 100 billion rubles. In the period from 2009 to 2012, the financial institution has already received from the government of 106 billion rubles, and at the end of last year, the cabinet to capitalize on the credit institution 30 billion.
 

According to the Ministry of Finance, on August 1 this year in the National Welfare Fund has just over 3 trillion rubles.
 

The decision of the Ministry of Finance is due to sanctions. Now banks need state support. Otherwise, you might seriously hurt the Russian economy, – explained the “Echo of Moscow” Director of the Research Institute of the Ministry of Finance Financial Vladimir Nazarov. Nazarov said, risks are also quite obvious, as it is unclear how much money will be needed to banks.
 

The State should not have to spend money from the National Welfare Fund to support banks. This is the opinion economist Vladislav Inozemtsev. He believes that helping financial institutions had to provide the Central Bank. According Inozemtseva, help the Ministry of Finance banks spend on “plugging the holes”, which are due to Western sanctions.
 

The Russian economy is now teetering between stagnation and recession, said Economic Development Minister Alexei Ulyukayev. An opinion he presented in the author’s article in the “Bulletin”. According to the minister, the stagnation – a consequence of the weakness of the economy. The minister believes that now is a good time for effective investment in the development of the country. With the introduction of retaliatory sanctions to restrict imports of Russia had a unique opportunity to develop a major industry, particularly agriculture.